Capital gain

airsafe1 — Wed, 29 Jan 2025 07:09:47 GMT

Long term capital gain on a leased resort property that I never really owned. No paperwork exists on the sale, I never knew it existed as a saleable item.

Re: Capital gain

Mike9241 — Wed, 29 Jan 2025 17:45:12 GMT

either you owned it or you did not. we have no way of determining your true situation. Perhaps discuss with a real estate attorney since ownership is not really a tax question.

Re: Capital gain

DianeW777 — Wed, 29 Jan 2025 17:59:31 GMT

If you received money for your 'lease' of the resort property then you have a capital taxable transaction. This would be reported as an investment sale and depending on the holding period you would have a long or short term gain.

Long term: held more than one year (one year plus one day)
Short term: held one year or less

To enter your sale in TurboTax, follow these steps. Click this link for more information. Where do I enter Investment Sales?

Open or continue your return.
Navigate to the investment sales section:
- TurboTax Online/Mobile: Go to investment sales. If using this application, make sure it is open
- TurboTax Desktop: Search for investment sales and then select the Jump to link.
  - Or Personal Tab > Continue > I'll choose what I work on > Scroll to Investment Income > Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other
Answer Yes to the question Did you sell any of these investments in 2024? (or Okay! to Time to kickoff your investments!).
- If you land on the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments.

@airsafe1

topic Capital gain in Investors & landlords

Capital gain

Re: Capital gain

Re: Capital gain